Caja Madrid buys stake in City National Bank of Florida, announces plans

Caja Madrid buys stake in City National Bank of Florida, announces plans

Caja Madrid, the savings bank that provides services at approximately 1,900 banking offices and more than 4,600 supermarket locations throughout Spain, decided to use its strategic stakes in financial service companies to create a separate company and launch it on the stock exchange before the end of 2008.

The venture has a precedent: last year Spain 's bank La Caixa grouped all its holdings into a single company, Criteria.

Caja Madrid has also announced its acquisition of 83 percent of City National Bank of Florida for $927 million cash.

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